Do you think factoring your international transaction by procuring CREDIT INSURANCE like ECGC, makes you safe?

My answer is NO because without Bills of Exchange your credit insurance value would be "0"

Bills of Exchange

A draft or Bills of Exchange ("B/E") is a negotiable instrument that represents an unconditional demand for payment. Together with the bill of lading, it forms the basis for the documentary collection procedures. Together with the exporter's commercial invoice, the B/E can be used to charge the importer for goods. Bills of Exchange are defined as follows:

"An unconditional order in writing addressed by one person to another signed by the person giving it required the person to whom it is addressed to pay on demand or at a fixed or determinable future time a sum certain in money to, or to the order of, a specified person or bearer."

Thus, the draft is written by the drawer (exporter / seller) to the drawee (importer / buyer) requiring payment of a fixed amount at a specific time. A draft payable upon presentation is called a sight draft, while a draft payable at a future time is called a usance (credit / time) draft. The draft is legally accepted when a bank or the buyer writes "accepted" along with the date and a signature on the face of the time draft. A draft accepted by a bank is called a banker's acceptance, while a draft accepted by a buyer is called a trade acceptance.

When the seller attaches the bill of lading or other transport documents to a bill of exchange, the bill of exchange is called a documentary bill. By doing this, the seller ensures that the buyer will not obtain any rights to goods (via bill of lading), before having accepted or paid the bills of exchange. Since they are negotiable, drafts may be transferred by endorsement to a third party, who may become a holder in due course.